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Superfunds April 2015
research strongly indicated that members who
had a financial planner were more likely to have
an understanding of their retirement objectives.
AUSTRALIANSUPER MAKES $1.1
BILLION DEAL
In its biggest single direct property transaction,
AustralianSuper has acquired a 25 per cent
stake in Honolulu’s Ala Moana Centre, at a
price of approximately $1.1 billion, from United
States S&P 500 Company General Growth
Properties (GGP). The transaction values Ala
Moana at approximately $US5.5 billion. GGP will
retain 75 per cent of Ala Moana’s ownership
as part of the partnership. The Ala Moana
Centre is the world’s largest open-air shopping
centre, with 195,000 square metres of retail
space. AustralianSuper will pay approximately
$850 million on signing the deal, with the
remainder to be paid late next year after the
completion of a substantial redevelopment.
SUPERCPD OUT NOW
The latest issue of ASFA’s SuperCPD is now
available on the ASFA Learning website. This
issue features discussion on the Financial System
Inquiry’s final report, as well as a summary of
ASFA’s framework paper, which outlines the
principles that Australia’s retirement income
system should continue to build on, as well
as its goals and objectives. Retirement income
and other key issues, such as disclosure, risk
management and SuperStream implementation,
are also discussed to help you keep up with
current thinking and best practice. SuperCPD
provides a flexible online CPD solution that allows
you to achieve your yearly CPD requirements.
VANGUARD AND SUNSUPER ENTER
ALLIANCE
Sunsuper has entered into a strategic alliance with
the Vanguard Group. The alliance will see the two
companies share expertise and resources.
A Sunsuper statement has said that the alliance
is for the ultimate benefit of their customers and
that Vanguard shares common business values
with Sunsuper. The fund also states that they
will utilise Vanguard’s experience in servicing
large United States-based corporate clients in
their 401(K) business to benefit Sunsuper’s own
business customers. As part of the arrangement,
Sunsuper will also direct mandates for passive
investment management to Vanguard, as
appropriate, and subject to favourable market
conditions.
ASFA SUBMISSIONS
ASFA’s policy team has been working on
a number of submissions lately. The most
recent are:
• Submission to Treasury on fairer taxation
of excess non-concessional contributions
reforms – Regulations
• Submission to ASIC on Consultation
Paper 227 – Disclosure and reporting
requirements for superannuation
trustees: s29QC
• Submission to ASIC on the review
of regulatory guide 97 – Disclosing
fees and costs in PDSs and periodic
statements
• Submission to ATO on Single Touch
Payroll discussion paper
• Submission to Treasury on the draft
legislation and explanatory statement
–
Low income superannuation
contribution reporting
• Submission to AUSTRAC on consultation
on draft guidance note 15/01 – Key
terms used in ‘politically exposed
person’ definition.